ILLUSION: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ILLUSION
Largest movements
- Cash -€40,292
down €40,292 (-84.3%), from €47,820 to €7,528
mainly Net result for the year (-€58,342) and Trade debts (-€17,642)
- Receivables within one year -€12,305
down €12,305 (-35.9%), from €34,294 to €21,989
of which Trade receivables: -€12,730
- Profit (loss) carried forward -€58,342
down €58,342 (-304%), from -€19,175 to -€77,517
- Other debts +€19,365
up €19,365 (+11.1%), from €174,563 to €193,928
- Trade debts -€17,642
down €17,642 (-40.0%), from €44,085 to €26,443
- Short-term financial debts +€16,165
new in 2025: €16,165
- Debts after one year -€8,255
down €8,255 (-6.3%), from €130,757 to €122,502
- Gross operating margin -€25,285
down €25,285 (-138%), from -€18,382 to -€43,667
- Financial income -€4,078
down €4,078 (-100.0%), from €4,079 to €1
of which Non-recurring financial income: -€4,035
- Depreciation +€762
up €762 (+13.8%), from €5,528 to €6,290
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €350,416 | €298,015 | -€52,401 | -15.0% |
| Fixed assets | 21/28 | €268,302 | €268,498 | +€196 | +0.1% |
| Tangible fixed assets | 22/27 | €268,302 | €268,498 | +€196 | +0.1% |
| Land and buildings | 22 | €240,000 | €240,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,118 | €872 | -€246 | -22.0% |
| Furniture and vehicles | 24 | €1,388 | €4,737 | +€3,349 | +241% |
| Other tangible fixed assets | 26 | €25,796 | €22,889 | -€2,907 | -11.3% |
| Current assets | 29/58 | €82,114 | €29,517 | -€52,597 | -64.1% |
| Amounts receivable within one year | 40/41 | €34,294 | €21,989 | -€12,305 | -35.9% |
| Trade receivables | 40 | €34,294 | €21,564 | -€12,730 | -37.1% |
| Other amounts receivable | 41 | - | €425 | +€425 | |
| Cash at bank and in hand | 54/58 | €47,820 | €7,528 | -€40,292 | -84.3% |
| Total equity and liabilities | 10/49 | €350,416 | €298,015 | -€52,401 | -15.0% |
| Equity | 10/15 | -€11,115 | -€69,457 | -€58,342 | -525% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,175 | -€77,517 | -€58,342 | -304% |
| Amounts payable | 17/49 | €361,531 | €367,472 | +€5,941 | +1.6% |
| Amounts payable after more than one year | 17 | €130,757 | €122,502 | -€8,255 | -6.3% |
| Financial debts | 170/4 | €130,757 | €122,502 | -€8,255 | -6.3% |
| Amounts payable within one year | 42/48 | €230,774 | €244,970 | +€14,196 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €7,935 | €8,255 | +€320 | +4.0% |
| Financial debts | 43 | - | €16,165 | +€16,165 | |
| Credit institutions | 430/8 | - | €16,165 | +€16,165 | |
| Trade debts | 44 | €44,085 | €26,443 | -€17,642 | -40.0% |
| Suppliers | 440/4 | €44,085 | €26,443 | -€17,642 | -40.0% |
| Taxes, remuneration and social security | 45 | €4,191 | €179 | -€4,011 | -95.7% |
| Taxes | 450/3 | €4,191 | €179 | -€4,011 | -95.7% |
| Other amounts payable | 47/48 | €174,563 | €193,928 | +€19,365 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,528 | €6,290 | +€762 | +13.8% |
| Other operating charges | 640/8 | €2,268 | €1,965 | -€303 | -13.4% |
| Gross operating margin | 9900 | -€18,382 | -€43,667 | -€25,285 | -138% |
| Operating profit (loss) | 9901 | -€26,178 | -€51,923 | -€25,744 | -98.3% |
| Financial income | 75/76B | €4,079 | €1 | -€4,078 | -100.0% |
| Recurring financial income | 75 | €44 | €1 | -€43 | -97.9% |
| Non-recurring financial income | 76B | €4,035 | - | -€4,035 | |
| Financial charges | 65/66B | €5,948 | €6,241 | +€293 | +4.9% |
| Recurring financial charges | 65 | €5,948 | €6,241 | +€293 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | -€28,048 | -€58,163 | -€30,115 | -107% |
| Income taxes | 67/77 | €271 | €179 | -€92 | -33.8% |
| Profit (loss) for the period | 9904 | -€28,319 | -€58,342 | -€30,024 | -106% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,319 | -€58,342 | -€30,024 | -106% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.